Businesses are working hard every day to try to boost their revenues. It is seen as a key to the success of a business. The problem is that wanting to boost revenues and actually doing do are two different things. There are plenty of methods that have been proven to work through the years and they should not be ignored. While the old ways can work, it is also important to think ahead to the future and look for what new techniques will work. One thing that companies can embrace to raise revenue is technology.
Not All Technology Will Raise Revenues
The idea of using technology to help boost the profits of a business is not new. Look back a hundred years and see what the assembly line technology did for companies. When using technologies to boost revenue, it is not necessarily about the old technologies that business need to turn to. It is adapting to the new and rapidly changing technology. That is what the youth of today is growing up with and the younger generation is often the best market to target.
Ways that Technologies that Will Help
Before a business turns to technology to help them boost their revenues, they need to have a plan on how they are going to use it. Randomly using anything is never a good idea for a business and technology is no different. These are some of the ways that a business can take advantage of today’s technology to help them bring in more revenue.
- Utilize VoIP Technology – The phone is an important part of any business. It is often the best way to reach out to customers and to allow them to reach out to the business. The old traditional phone systems are not very versatile. Businesses can turn to VoIP systems that are much more versatile for the business. They allow the business to create a professional phone and messaging system that is similar to the expensive ones that big businesses use. VoIP systems offer technologies that connect the computers to the phone systems. When combined with cloud technology they allow for the forwarding of voice mails, emailing, automated attendant and many other features. The phone systems are like having a secretary without having to pay a salary. They are also on duty 24/7, 365 days a year.
A good business VoIP phone system can also help with reaching out to employees and customers. Teleconferencing and video conferencing services such as Uberconference can help a business create virtual offices and can allow people to work from remote locations. They allow the business to react to things faster and to work more efficiently. All of these things are essential when it comes to raising revenue.
- Store Information Online – Before computers, businesses stored all of their information and documents in a big file room, usually in the basement of their office building. Even when computers were used, the information could only be accessed from specific computers that were often located in a central office. As companies turn to the idea of virtual offices, they will also need to find ways to store and share data and information. The cloud technology can replace the old file rooms and can be much more effective. It allows for real-time sharing of information and allows the business to securely store the private information of their business. It is always accessible to those that need it and can be organized in different ways to meet the businesses need. The increased efficiency and productivity that the cloud storage provides helps boost profits.
- Utilize Mobile Marketing & Social Media – Everyone today seems to be carrying a mobile device and in touch with Social Media. This technology is great for them, but it is also a marketing opportunity for business. From customer loyalty programs to ads sent to a mobile device based on where a customer is located at any time, the potential for this type of marketing is just beginning to be tapped. The business that learn how to use it early will be the ones that have the best chance to boost their revenue. For instance, if you are running a business online, then the best idea to generate revenue are the coupons. You can use coupons as a “carrot on a stick” as this technique is one of the oldest methods of advertisement around and the Internet has made them even better. With the rising popularity of RetailMeNot, CoolSavings, and Couponzclub.com, getting a bonus with an online coupon has become easier and more appealing. Companies like Starbucks, Target, Paytm and Michael’s are offering their consumers exclusive coupons through their sites, apps, and social media pages.
- Make it Desirable – Technology is great and more people are turning to it every day. Not everyone is eager to accept all of the new technology that is being offered by businesses. It is up to the business to find a way to make people and employees want to use the technology they are embracing. If they are using mobile marketing tools they need to give people a reason to accept it. They need to create a buzz around any mobile technology that they are trying to use. In these cases, it may require combining older marketing techniques to get people to embrace the new technologies.
When it comes to getting employees on board with the new technologies, it is a matter of making it worth their while. Explain to them that the technology can make their jobs easier, can offer benefits like working from home and can eventually put more money in their pockets. It is up to the business to make people want to use the technology rather than expecting people to seek out the technology that a business is turning to. There is no guarantee that it will happen overnight. It may take a while for a customer to download the mobile app for a business. It may take employees some time to learn how to use the technologies the business is using. Accept that it may take time and stay committed to making the technology work. Monitor and adapt what is needed, but never give up.
- Train – Not everyone is technologically savvy. It takes time for people to learn about new technology. It may take even longer before they learn all of what the technologies a business is using can do. That is okay, but a business should not expect customers and employees to learn how to get the most out of technology on their own. The business is trying to boost revenues, so they need to take the responsibility to train everyone on the technologies that they are utilizing. Training is the best investment a business can make to boost revenues.
Technology alone is not the magic bean that will automatically raise the revenues for a business. It takes a plan and it takes the guidance to make it work. Not all of the technology that a business turns to will work the way they want it to, but if they pay attention to what is happening and commit to doing what they need to do when it comes to technology, the results will make most businesses happy.
How do you think technology can help a business boost their revenues? Is it something that all businesses should learn about or is it just certain businesses that will benefit. Please take the time to share your thoughts, ideas and suggestions with us.